Hamet Watt, co-founder of MoviePass, is moving forward from the company’s dramatic decline and is currently raising funds for a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 with the concept of providing unlimited access to theaters for a monthly subscription fee, has been focused on his new endeavor, Share Ventures. The company has raised nearly $20 million in investment from notable backers, including Alphabet and Amazon. Watt mentioned that Share Ventures is concentrating on startups within the realms of future work and longevity.
He believes that the current landscape, characterized by the recent AI boom and elevated interest rates, has created an opportunity for a unique venture capital approach. Share Ventures is developing its own software alongside advanced language models to streamline its internal processes. Watt expressed that this allows for earlier identification of opportunities with less capital investment.
Watt noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” emphasizing the importance of utilizing advanced tools in building new companies.
He pointed out that while many venture firms are investing in new technologies, they often fail to integrate and apply them effectively. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s interest in health and longevity stems from a personal loss; he lost his mother at 25 when she was just 49. This experience compelled him to reflect on his own mortality.
In regard to his experience with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt remains committed to innovation. He expressed a willingness to take risks in pursuit of new ideas, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”